HCP ends the day on a bullish note closing near the high of the day


HCP Inc. (HCP) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
HCP pushes through key resistance level
HCP dominated by bulls lifting the market higher throughout the day
HCP pushes through 20-day moving average
HCP ends the day on a bullish note closing near the high of the day
HCP finds buyers again around 23.52
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

HCP ended Thursday at 23.87 gaining $0.35 (1.49%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for HCP
Volatility

Thursday's trading range was $0.39 (1.66%), that's slightly below last trading month's daily average range of $0.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Breaking through the key resistance level at 23.82 today, it is now likely to act as support going forward. After having been unable to move lower than 23.49 in the previous session, the market found buyers again around the same price level today at 23.52.

Trend

While HCP Inc. is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share managed to break above the 20-day moving average at 23.76 today for the first time since May 25th.

Order Flow

Selling could speed up should prices move below the nearby swing low at 23.49 where further sell stops might get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for HCP Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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